news

Galantas Drills 4.5m high grade gold on deepest Joshua Vein core

GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol – ’GAL’

GALANTAS DRILLS  4.5 METRES HIGH GRADE GOLD ON DEEPEST JOSHUA VEIN CORE

Date : 11th June 2012.  Galantas Gold Corporation (the ‘Company’), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland’s only operating gold mine, has received core drilling results from five holes on its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.

The results (tabulated below) will be added to those previously reported, for the purposes of an interim resource report currently being prepared by the Company’s independent consultants to revise the estimate of resources for the property.

The results are for the Joshua vein and include an intersection of 4.5 metres true width at a gold grade of 8.4 grammes per tonne. The intersection lies at a depth of approximately 160.6 metres below surface, the deepest yet drilled on Joshua Vein. The known length of Joshua Vein has increased, has so far been traced over 836 metres and remains open horizontally and vertically.

 

The average grade(width weighted) of the eight intersects within the five holes sampled was 6.4 g/t gold, with 12.2 g/t silver and 0.6% lead. The average true width of the eight intersects measured is 1.2 metres and depths range from 38.5 metres to 160.6 metres.

 

The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIOM3, (President & CEO, Galantas Gold Corporation), the Qualified Person for the program under NI 43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. Sampling methodology, security & verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an independent, ISO 17025 laboratory) of Galway, Ireland. The core drilling methodology was that as described on 15th September 2011.

 

Mr. Phelps commented, “The drilling results received continue to increase our confidence in the Omagh property. The drilling program has intensified since the start of 2012, with six rigs at work. The first phase of the program, which was targeted at producing an early indicated resource on Joshua vein with deeper drilling on Kearney, is approaching completion. The next phase intensifies work on both those veins and also examines a new and as yet untested geochemical anomaly within the mine site.”

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including drilling intersections and analyses, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements , including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’s forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

 

Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Enquiries

Galantas Gold Corporation
Jack Gunter P.Eng – Chairman                                                    Head of Investor Relations
Roland Phelps C.Eng – President & CEO                                                 Courtenay Heading (Maclir Consulting Ltd)
Email: info@galantas.com                                                            Email : c.heading@Galantas.com
Website: www.galantas.com                                                      Telephone : (UK) +44 (0) 7624 424 455
Telephone: +44 (0) 2882 241100

 

Charles Stanley Securities (Nominated Adviser)

Mark Taylor

Telephone +44 (0)20 7149 6000

 

 

RESULTS TABLES

 

Joshua Vein Drill Core Results

 

Hole number

Easting

Northing

Azimuth

Intersect

Width (m)

 

Dip at intersect

Estimated

True

Width (m)

Intersect

Vertical

Depth (m)

Gold / Au

g/t

Silver / Ag

g/t

Lead / Pb

%

Core loss

%

OM-DD-11-100

239598

 

370790

 

90

0.9

51

0.6

38.5

1.1

0

0

0

 

and

 

90

2.0

54.4

1.2

70.3

4.1

29

1.5

33

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD 11-98

239711

371067

270

0.3

67.8

0.1

92.7

2.0

0

0

0

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD 11- 101A

239673

371154

270

2.3

48.6

1.5

65

7.5

5.1

0

0

 

and

 

 

1.3

48.6

0.9

74.7

5.4

13.4

0.6

0

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD 11-102

239672

371180

270

0.9

49

0.6

60.2

2.2

1.8

0

0

 

and

 

 

0.8

49.5

0.5

86.7

4.8

8.8

1.4

0

 

 

 

 

 

 

 

 

 

 

 

 

OM-DD 11-103

239597

370790

100

26.6

80.3

4.5

160.6

8.4

13.5

0.7

2

 

including

 

 

 

 

1.4

 

14.1

 

 

 

 

 

 

NOTE: all figures have been rounded to one decimal place.  Intersect depth is a maximum estimate to the top of the intersect.

Share Price

TSX-V (CDN $): 0.09

AIM (£ p): 4.875

Gold Price (oz)

USD : 1,272.50

GBP : 960.99

The figures presented here are for informational purposes of current trends only and should not be considered an exact count

This page and other parts of the website contain statements relating to the intentions of the management to develop mine production and jewellery production. Such statements are forward looking and readers are cautioned that these statements are subject to risk and uncertainties as further detailed in quarterly Management Discussion and Analysis published on www.sedar.com

Approved for website uploading : R.Phelps